(DEAD) New Bank Opportunity – A 7 month ~7% CD at NRLFCU

123 thoughts to “(DEAD) New Bank Opportunity – A 7 month ~7% CD at NRLFCU”

1. Any idea which bureau they might pull from?

   1. Don’t know yet. They didn’t immediately pull TU or EQ for me, but that doesn’t mean they won’t during the approval process. I also have a free credit monitoring service thing from a data breach that looks at EX inquiries and usually get an email right after applying for a new CC. No alert yet, but it’s possible they have someone manually approve the account or something before they actually pull the credit.

      I’m crossing my fingers there won’t be any pull at all since I’m not opening a checking account with overdraft or anything, but I definitely authorized them to do it when applying.

      1. I see. Another question. I want to use my Chase southwest to finish the spending on a companion pass, but not sure if Chase will allow this ¿? I guess I just have to try?

         I couldn´t find any data points at doctorofcredit regarding funding an account at NRL…

         1. I tried with one of my Chase cards (United Biz), but they haven’t attempted to actually charge it yet. I’ll update once I find out, but there’s no guarantee you’ll have the same experience with the Southwest card (although most Chase cards are usually correlated).

            1. Hi again. I filled up the form to join the American Consumer Council, but I haven’t received any reply since April 29th. Since this is a requirement, I am not sure if I should wait of go ahead and apply for the CD. Did you receive a confirmation from ACC?

            2. I did not wait for the confirmation from the ACC before applying. In fact, I still haven’t received any communication from the ACC and have been approved for the account (still waiting for confirmation it’s been activated so I can log in).

2. Are you doing this? Can you report about the credit pull? Thanks for sharing!

   1. Yeah, I applied for the account. I’ll update if I find out if and where from they pull my credit.

3. Interesting! Their website has NCUA logo, but I cannot find their name in NCUA website…

   1. Appears to be this one:
      http://mapping.ncua.gov/SingleResult.aspx?ID=5380

      “N R L” instead of NRL like you might expect.

      1. Got it! Thanks!!

4. Thanks for posting this.

   Three data points here that suggest it’s a soft pull. http://www.depositaccounts.com/blog/2016/04/nrl-fcu-easy-membership-offers-777-7month-certificate.html#23

   I have minimum spend on a Cap1 cc, reaaaaally tempted to go for it although they don’t have a good track record with bank funding and cash advance.

   1. Great data points! So far it matches my experience because they haven’t’ pulled my credit yet, but I also haven’t been fully approved for the account yet either.

5. Perhaps a silly question, but if I set CA to $0 and try to fund with a cc and it’s declined, will the bank require me to use an alternative (non-cc) method? Or is it pretty YMMV? Anyone have any random experiences with cc funding, denial (due to CA set to $0) and trying to fund again with a different cc?

   Reason I ask is because Cap1 seems to be sensitive to bank funding. If I only have one shot though I’d go with another card despite the fact that using my Cap1 Spark for min spend and 2% cb would be much preferred.

   1. It varies by bank and I haven’t seen any data points of successful or unsuccessful cc loads for NRLFCU yet. Citigold for example (when they allowed CC funding) would give you two chances before forcing you to use an alternative. I imagine most banks will at least give a second chance in case the first one triggers a fraud alert or similar, but it’s up to the individual banks.

      I’ll be sure to share once my attempt get accepted/denied, but it’s a waiting game until then I suppose and won’t necessarily apply to your Cap One attempt.

      1. Thanks, I’ll also update on whatever I do.

         Here’s another newbie question as far as cash advance is concerned. From some digging around it looks like you can’t change your CA limit with Cap1. In this case, my CA limit is $7,500. If I try to fund this account for $10k and we assume it triggers CA, would the transaction be declined based on the fact that I exceed my CA limit? My fear is they’d charge me $7,500 CA and then allow the remaining purchase to go as posted to my CC.

         1. Confirmed from Cap1 rep that you cannot reduce your CA limit. If a purchase exceeds the CA limit it’ll automatically be declined.

            So in this case, as long as 777 provides a second chance CC funding opportunity, there’s nothing to lose by trying a Cap1 card. I’ve read various data points on DoC that suggest Cap1 is a mixed bag. TechCU for example doesn’t code as CA. Obviously many banks do though.

            If I go through with this and fund with my Cap1 Spark I’ll update here, probably DoC too.

            1. I’ve actually never had a Cap1 card before, so that’s good info. It does match my understanding that any attempt to charge a cash transaction above your cash advance limit will decline the entire purchase. I can’t imagine the bank would ever split it in any way based on limits.

            2. Ah, $500 bonus isn’t too shabby. Plus 2% cash back w/ Visa. I usually pair a Cap1 application with another credit card, reduces the impact on the triple pulls.

            3. Be careful with Cap1. Awhile back, they approved a Citi funding charge significantly in excess of my CA limit and charged me a CA fee. (At the time, there was no public data point on DoC, FT, etc. about Citi funding with Cap1, so I chose to test it.) I had to fight with them to waive the fee on the grounds that the charge shouldn’t have been approved in the first place.

            4. ANTHONYJH21 –

               Were you able to fund this with the Cap1 Spark? Did it go through?

            5. I got to this offer too late so I never had the chance to test it out 🙁

6. I’m going to try to fund mine with my new United (personal) card to hit the minimum spend, but my CL is only 5k and I’d like to fund this account with 7k. After the initial funding of 5k, is there a way to transfer in an add’l 2k?

   1. Assuming you have other Chase personal cards, you can call up Chase and shift some credit around to the United card to get up to whatever limit you want.

      Beyond that option, I doubt they will let you fund with a CC twice. It should be possible to simply fund a savings account with the 5k, ACH in another 2k once it’s up and running, and then open a 777 Share Certificate instead of doing it all initially.

7. Any clue if you can have more than 1 CD?

   1. Good question and I was thinking along the same lines. If you’re married/living with a partner you’ll share the same address. Maybe Noah can chime in here since he has the ball rolling since he’s in this same boat and I’d venture to guess that as long as his attempt (no hard inquiry, cc funding) is successful he’ll try to double up.

   2. I still haven’t found any fine print or official terms and conditions for the 777 promotion, so it’s unclear. The other website discussing the promotion mentions 1 per member (which makes sense given the $7k limit), but I’m not sure where they got their information.

      If you have a significant other, there shouldn’t be any reason you can’t both become members and open separate accounts to increase the total limit to $14k between the two of you. I don’t know of any bank that restricts accounts to one per household, but I suppose anything is possible.

      1. Yeah I wouldn’t think they’d restrict an account, but they might on the promo interest rate.

8. From my understanding, it seems like the product is a stock certificate, not a certificate of deposit. According to Wikipedia, a stock certificate is “a legal document that certifies ownership of a specific number of shares or stock in a corporation”. So just be cautious when investing in stock.

   1. I forgot to mention that I have limited knowledge in these sorts of matters. I hope I’m incorrect, because it sounds like a wonderful opportunity for churning 😀

   2. Please disregard my message above. I’m sorry for my incorrect information and concerns.

   3. I don’t see anything that indicates this is a “stock certificate”, Share Certificate is just what credit unions call their CD products. Fixed term, fixed interest, and insured by the NCUA. Definitely no risk involved as you would get from buying stock.

      Excerpt from a NerdWallet article (https://www.nerdwallet.com/blog/banking/cd-share-certificate-rates/):
      “CDs are offered by banks, while share certificates come from credit unions, but they are similar investments. Both are government-insured for up to $250,000 at participating financial institutions, making them among the safest possible investments. You pay a price for that safety, though: lower returns.

      With both, you invest a fixed sum of money for a specified time period, anywhere from a few days to years. Typically, you earn a predetermined yield. But unlike with money in a savings account, you generally have no access to your funds during the term of the investment, or you may incur a penalty for withdrawing any of the money.”

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10. very tempting to fund with the card but really don’t wanna get a had-pull.

    1. True, but even if it’s a hard pull you’re getting $200 in credit card points ($10k @ 2%) plus the 7% CD. Put another way, if I asked you if you’d be willing to be compensated with $200 for a hard inquiry and not have to hassle with a new account and negative impact to credit (AAOA) would you take it?

       If your answer is yes, then it’s go time. If you’re indecisive, does the 7% CD put you over the hump? Of course I understand if anyone doesn’t jump on this, but I personally look at this as a great deal that I don’t suspect will last long.

       There’s data points in the post I linked earlier that suggest it’s a soft pull as well. Based on limited data I feel it’s better than a 50/50 at this point. I like these chances, hard pull or not.

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13. Great find and thanks for posting!

    I am curious to see what happens when your credit card goes through via Chase. Hopefully no issues for you. Please post what happens!

14. If anyone has any other CC funding recommendations, please post. I’m interested in using either my Discover or FIA Fidelity AmEx.

    1. When I applied, it implied Visa/MC only. So, I went with my Freedom Unlimited.

15. The online application uses a software known as Loans PQ (on your browser tab you’ll see an LPQ logo). This is a fairly standard system utilized by many credit unions nationwide for new loan and new account processing. I manage a CU in the NW that uses LPQ. This software still requires an individual to “touch” the application to move it forward. If the response is as expected, you should see an “Approved Pending” status. Assuming large # of apps come in, I’d expect a minimum 2-3 business day wait time to move from “Pending” status. Typically, a CU doesn’t staff their back office processing areas heavily on weekends, if at all. Hope this helps someone to avoid getting too impatient.

    1. Thanks for the detailed info on the CU software. I actually got an approval email this morning and had to eSign a document to finish opening the account, but still have to wait for a final confirmation before I can log in.

       Still no alerts for any hard credit pulls which is a good sign.
       They still haven’t attempted to charge my credit card yet, so no update there.

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20. Subscribe. Thanks!

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24. Nice find. And I know I’m not the only one missing Doc!

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26. If Cash advance limit is set below the funding amount, will it be declined if coded as CA?

    1. Yes, any CA attempt above your limit should be fully declined from my understanding.

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28. Very interesting! Excited to see what happens.

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31. Anyone should now be able to subscribe to the comments without actually commenting, look for the link in
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    Let me know if you have any issues with it. Thanks!

32. Immediately after submitting my application, it went to a screen telling me to login and upload my driver’s license. I also got an email with the same message. But I can’t log in (presumably b/c my account’s still in their queue like most people’s today). Anyone else get that message?

    Funded with BofA MC where I have the cash adv limit set to $10 (the minimum they allow). No sign of a pending transaction in my BofA account. Will try to remember to report back.

    1. The driver’s license upload is pretty standard for opening a banking account online. As for uploading, are you sure you went through the link they provided in the email? You can’t simply log into the bank website normally because your account hasn’t been officially opened yet.

       If you go through the “My Account Homepage” link they provided, you should see the link to login with your email and upload the image of your drivers license.

       1. Thanks; it worked the 2nd time. First time could’ve been user error 🙂

33. i’m confused. the “CD amount range” is listed at a max of $7000.

    but “credit card funding” is listed as up to $9000.

    ??

    1. “If you are opening the account with the full $7,000 CD, you can fund it completely and add an extra $2000 to the Savings Account you have to open to maximize the funding limit”

       You must open a Savings account to become a member, so you can put the extra $2k in there if you want to max out the funding.

34. got it. thx man!

35. Do they accept MO deposite via mobile app?

36. Does it allow you to use an American express charge card to fund the CD/Saving?

    1. As you can see in the picture above, they specific Visa and Mastercard only for credit card funding.

37. We still dont know if this’ll code as a Cash Advance right?

38. Stupid question: is this definitely FDIC insured?

    1. As it says above: “Federally Insured by NCUA.”

    2. Correct, stupid question, and not FDIC insured.

39. has anyone tried any credit card and has it gone true as purchase not cash advance

40. NCUA is the normal insurance mechanism of national insurance for a credit union. So not that stupid a question.

41. Is this dead? Some are reporting this as dead in other forums

    1. Dead

42. UPDATE:
    I was fully approved for the NRLFCU account this morning and the credit card funding with my Chase United Biz card appears to have gone through successfully (charge is pending w/ no change in CA limit). As far as I can tell, I did not receive any hard pull for opening the account.

    Unfortunately, if you were waiting on these data points before applying it appears you are too late. They appear to have pulled the 777 promotional account this morning and there’s no indication that it might come back. Best of luck to everyone who got in early!

    1. Does the status of your application change after it is fully approved? Mine is still in “approved pending” state. Hope to clear soon.

       1. I received a request to eSign a document Saturday to confirm opening the account, the status changed to “Approved”, but I still couldn’t log in. This morning (Monday), I received a confirmation my account was fully open.

    2. did you charge post with your Chase United Biz

       Even though, it’s dead, I might do a checking account to rack up miles.

       1. Yes, the charge posted as a purchase on my United card.

43. Same here. ‘Approved Pending’. My credit card does not have Pre-Auth or Charge from NRLFCU.
    So far no email other from NRLFCU other then requesting DL document.
    I hope they will not reject applications.

    1. Is your application cleared yet? Mine is still in the same “Approved Pending” state

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45. Did anybody fund it with a CapI CC? Any results? I am curious. Noah although I missed this. Thanks for sharing.

46. will you post a comment on this thread if the deal comes back? i’m receiving email updates on this thread and this info would be useful.

    thanks

    1. I doubt it will come back because they appear to have met their desired amount of new customers/money from the promotion. If it does happen to come back though, I’ll try to update here.

47. I applied Friday/Saturday for me/SO. Got the esign request Tuesday/Wednesday. I notified Chase (automated line) that I will have 2x $9k charges. Got a fraud alert text that I approved. I now have 2x $2k and 2x $7k charges on my Freedom Unlimited (CA limit set to $0). So far, so good. I just hope I didn’t push things too far…

    1. thanks for the good data points. did your application status say “approved pending” until you received the esign request? I applied Monday morning, sent in a copy of my DL and the status has read pending since. I called and they said they are still processing some applications.
       I used my Chase Ink to fund. My CA limit is set to 3K but hopefully that wont be an issue since the transaction is 9K… Or should i call and decrease the CA limit?

       1. I didn’t look that carefully at the status. I think mine was “pending” and my SO was “approved pending.” I would just let them process the presumably larger-than-expected backlog of applications.

          About the cash advance limit, you should be safe since Chase doesn’t seem to be posting this as a cash advance. But, I would lower the limit anyway since it could help in the future. Also, I wasn’t expecting the $9k to be split into $7k and $2k. If, for whatever reason, it does post as a cash advance, it’s possible the $2k would make it through with a $3k limit.

          1. I had not thought of the 9k being split, calling chase now…
             Thanks!

48. I applied for the savings account only, and upon reviewing my app, they asked if I wanted the 7% CD deal and they allowed me to split the 9000.00 payment into the CD and Savings account. Feeling pretty lucky right now!

    1. When did you apply for the Savings? And when did they ask you about the 7% CD?

       1. Applied on Monday the 2nd, they asked me on Thursday the 5th. Was approved today on the 6th. Im still waiting for the money to be requested from my credit card.

    2. That’s awesome, I wonder if they reevaluated how many promotional CDs they wanted to give out and tried to extend the offer to some that applied just for the cc funding.

       1. Have you seen their new front page? You should update the post with that new “expired” header.

49. I applied on Sunday but haven’t heard from the bank yet other than the driver’s license upload and e-mail verification which I completed on Sunday right after applying. Are other people still waiting ?

    1. Same situation was for me.
       I went to application status page and send a private message.
       Next day, they worked on my application and Approved it.

50. Still in approved pending state, but take a look at their home page: http://www.nrlfcu.org/ LOL

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